Share
Preview
Today the House approved a bill that would give businesses more time to use PPP funds… 24 WEEKS to be exact…
Hey all,

Today the House approved a bill that would give businesses more time to use PPP funds…

24 WEEKS to be exact…

This would be HUGE.

Instead of the 8-week forgivable period, businesses would have 24 weeks to spend PPP funds on eligible forgivable costs.  Essentially we would be looking at greater potential for 100% forgiveness.  To break it down-in the simplest way put, your loan is based on all 12 months of 2019 average monthly payroll costs x 2.5, so call that 2.5 months.  If this becomes law, you would get to use 6 months (24 weeks) for forgiveness. 

With this new bill, at least 60% of expenses would have to be for payroll purposes, not 75% as it stands right now.

Now the bill is in the Senate’s hands.  Let’s cross our fingers on this one.

In case you missed it, we are putting on a webinar with The Business Journal tomorrow at 11:30a.m. We will walk you through the loan forgiveness application, needed documentation and calculations, and what we do know now.  You can sign up here.

If you need more information related to COVID-19, make sure to check out our website which we have been updating regularly.  We’ve also added a page if you’d like a free 7-step guideline on how to maximize PPP loan forgiveness. If you’d like a free quote for us to prepare your PPP loan forgiveness application, you can submit that there as well.

We appreciate you all and are doing our best to keep you quickly and accurately informed.

Thanks again!

Tim

 
 
 

Tim Petrey, CPA, CGMA
Managing Partner
HD Davis CPAs,LLC
330.759.8522 ext. 103









Email marketing powered by Business Marketing Engine and Copywriter Today.